BPCL shares gain 2% on declaration of interim dividend of Rs 21

Shares of Bharat Petroleum Corp Ltd (BPCL) jumped 2 percent intraday on November 29 after the board of the oil marketing company approved an interim dividend of Rs 21 or 210 percent per equity share of a face value of Rs 10 for the financial year 2023-24.

The record date to determine the eligibility of the shareholders to receive the dividend has been set for December 12, 2023. The dividend will be paid out on or before December 28, 2023.

As of 12.10pm, shares of BPCL were trading higher by 1.56 percent on the BSE at Rs 430.9.

For the financial year ended March 2023, BPCL has declared an equity dividend of 40 percent, amounting to Rs 4 per share with a face value of Rs 10.

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The OMC reported a consolidated net profit of Rs 8,501 crore in Q2 FY24, against a net loss of Rs 304 crore a year ago, mainly due to softer crude oil prices and lower raw material costs. BPCL’s consolidated revenue fell about 9 percent year-on-year to Rs 1.17 lakh crore in the July-September quarter.

Last year, the state-owned oil marketing companies dealt with higher crude costs in the aftermath of the Russia-Ukraine war. The companies had to freeze retail fuel prices to avoid further inflationary pressures in the import-dependent nation and to ensure stable economic recovery from the pandemic.

Shares of BPCL have zoomed 24.1 percent over the past one month. In comparison, the benchmark index Nifty 50 has recorded a rise of 4.62 percent during the same time period.

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